Faced with ongoing debates on globalisation, societal institutionalism in its traditional form is showing its limits. In this paper, we suggest that a serious sociologically grounded and institutional contribution to the ongoing debate on global governance calls for a shift in focus  away from the preoccupation with national configurations and towards an attempt at understanding transnational recombinations. The investigation of transnational recombination calls for new analytical tools. Here we argue that the solution may come from an hybridisation of NBS and VOC approaches with other variants of the institutionalist argument in particular those we label cultural or phenomenological. We elaborate on three aspects of institutional analysis that we identify as key to getting a better understanding of the relationship between globalisation and institutions. Firstly, we propose an interpretation of institutionalisation as a process and not a state of things. Secondly, we reinterpret institutional genesis and institutional change as revealing recombination. Thirdly, we argue for a more systematic analysis of the interplay of such processes of recombination across different levels of analysis, particularly the national and the transnational. With a conceptual framework so reformulated, it is possible to take in the transnational reality in its full complexity. We show, on the one hand, how the NBS and VOC perspectives are an interesting starting base to look at the structuration and stabilisation of the transnational reality. On the other hand, we gain new insights in the ways in which institution building and recombination at the transnational level become reflected  often progressively and somewhat incrementally  at the national business system level. Our proposition is that the succession and combination, over a long period of time, of a series of incremental and sometimes minor transformations could lead in the end to consequential and significant change.